Offshore Wind Energy Market 2018-2024 Trends Analysis By Key Players: Enercon, Vestas, GE, Nordex Acciona, Siemens Gamesa, Senvion, MHI-Vestas, Goldwind, Envision Energy

As reported in the latest study by Global Market Insights, Inc., Offshore Wind Energy Market size is anticipated to surpass USD 60 billion by 2024. Growing attention to curb the GHG emissions by shifting inclination toward renewable power generation will boost the industry dynamics. Furthermore, favorable government reforms and monetary support to capitalize the regional offshore potential will further enhance the business growth.

Sturdy technological advancements in turbine designs accompanied by improved efficiency and cost reduction will stimulate the offshore wind energy market share. For instance, GE Renewable Energy, in March 2018, launched the Haliade-X, a 12 MW offshore turbine offering a 45% increase in electricity generation compared with current offshore projects. Favorable industrial outlook toward the integration and development of large units along with improving foundation techniques will further complement the business outlook.

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Strong technological developments in turbine design in line with unit cost reduction and improved efficiency will augment the global offshore wind energy market size. European Union funded the “First Offshore Wind Project In India” to construct a 1,000 MW commercial offshore wind farm which aims to support MNRE and NIWE’s vision to strengthen the country’s offshore sector. The development and integration of large units coupled with enhancing foundation techniques will further stimulate the business outlook.

The turbines account for a major share of the total project prices and play a key role toward the feasibility and plant performance. In addition, ongoing developments in turbine length and size for offshore installations, developing turbine assembly concepts and new blade designs are some of the essential factors strengthening the offshore wind energy market.

Increasing fund allocation toward the utilization of cleaner energy sources from different financial institutions including International Finance Corporation (IFC), the World Bank and the Asian Development Bank (ADB) will complement the overall offshore wind energy market. Government of UK formed the Offshore Wind Investment Org. (OWIO) to enable funding toward the integration of renewable energy resource to maintain an efficient offshore wind supply chain.

Introduction of variable transmission devices, superconducting generators and enhanced generator speed are some essential advancements driving the offshore wind energy market. Technological advancements in the construction of effective cooling systems and the use of high voltage array cables will further stimulate the business potential.

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In 2017, Offshore wind energy market across UK was estimated over USD 8 Billion. Energy security initiatives, decarbonization reforms, and favorable regulatory measures are few imperative parameters that will foster the industry dynamics.

Rising investments by leading offshore wind developers to explore the untapped offshore potential will further sway the business dynamics. As per Wind Europe in 2017, a fund allocation of over USD 50 billion was invested across the region. In addition, major contribution of the fund came from mergers at project levels, public market transactions and new assets.

Eminent offshore wind energy market participants comprise Vestas, Enercon, GE, Nordex Acciona, Senvion, Siemens Gamesa, MHI-Vestas, United Power, WEG SA, Goldwind, Envision Energy, Mingyang, Suzlon, Wobben, Clipper, Bergey, Impsa, LM, Enessere, RTS, Northern Power Systems, Availon, Global Energy Services, Prysmian, Furukawa Electric, General Cable, LS Cable, Southwire, Nexans, and Sumitomo.

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